Ancora Issues Presentation Detailing Its Rationale for Supporting the IAA-Ritchie Bros. Combination

Rhea-AI Summary

Ancora Holdings Group, owning 4% of IAA, Inc. and 0.5% of Ritchie Bros., asserts that the recently revised terms of the proposed IAA-Ritchie Bros. merger present shareholders with a compelling long-term value opportunity. The group responds to criticisms from Luxor Capital Group, labeling them as misleading and self-serving. Ancora emphasizes the necessity of the merger and believes it to be beneficial for stakeholders involved. Investors are encouraged to review Ancora's detailed presentation for further insights.

Positive

• Ancora Holdings supports the IAA-Ritchie Bros. merger, claiming it offers long-term value.
• Revised terms of the merger are deemed highly compelling for IAA and RBA shareholders.

Negative

• Criticisms from Luxor Capital Group are labeled as misleading, potentially affecting investor perceptions.

Asserts the Deal’s Recently Revised Terms Offer Shareholders of IAA and Ritchie Bros. a Highly Compelling Opportunity to Realize Long-Term Value

Exposes the Seemingly Misleading and Self-Serving Criticisms Published by Luxor, a Fellow Ritchie Bros. Shareholder That Appears to be Masquerading as an Activist Despite Its Flawed Analysis

CLEVELAND--(BUSINESS WIRE)-- Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or we”), which is the beneficial owner of approximately 4% of the outstanding shares of IAA, Inc. (NYSE: IAA) and 0.5% of the outstanding shares of Ritchie Bros. Auctioneers Incorporated (NYSE: RBA) (TSX: RBA), today released a presentation that details its rationale for supporting the proposed IAA-Ritchie Bros. combination and includes responses to the seemingly misleading and self-serving criticisms published by Luxor Capital Group, LP.¹

DOWNLOAD AND VIEW ANCORA’S PRESENTATION AT THE LINK ABOVE.

About Ancora

Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management and retirement plan services to individuals and institutions across the United States. The firm's comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. For more information about Ancora, please visit https://ancora.net.

Disclaimer

THIS IS NOT A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. DO NOT SEND US YOUR PROXY CARD. ANCORA IS NOT ABLE TO VOTE YOUR PROXY, NOR DOES THIS COMMUNICATION CONTEMPLATE SUCH AN EVENT.

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¹ Ancora’s shareholdings are as of the record date for each company’s special meeting, whereat investors will vote on the proposed combination.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230208005407/en/

Longacre Square Partners

Greg Marose / Charlotte Kiaie, 646-386-0091

ancora@longacresquare.com

Source: Ancora Holdings Group, LLC

FAQ

What does Ancora Holdings say about the IAA-Ritchie Bros. merger?

Ancora Holdings supports the merger, claiming it offers a compelling long-term value opportunity for shareholders.

What percentage of shares does Ancora Holdings own in IAA and RBA?

Ancora Holdings owns approximately 4% of IAA and 0.5% of Ritchie Bros.

Who criticized the IAA-Ritchie Bros. merger?

Luxor Capital Group published criticisms of the merger, which Ancora Holdings has labeled misleading.

What is the position of Ancora Holdings regarding Luxor's analysis?

Ancora Holdings considers Luxor's analysis to be flawed and self-serving.